Moody’s cuts North American Lifting, loans

Moody's Investors Service said it downgraded North American Lifting Holdings, Inc.'s (operating as TNT Crane & Rigging) corporate family rating to B3 from B2 and probability of default to B3-PD from B2-PD.

The agency also lowered the company’s $470 million first-lien term loan (includes $65 million incremental term loan) to B2 (LGD3) from B1 (LGD3), $75 million first-lien revolving credit facility to B2 (LGD3) from B1 (LGD3) and $185 million second-lien term loan (includes $20 million incremental term loan) to Caa2 (LGD5) from Caa1 (LGD5).

The outlook was revised to negative from stable.

Moody’s said the downgrade reflects the deterioration in TNT's operating results and credit metrics, the company's constrained liquidity, as well as the expectation that TNT's credit profile will remain weak over the next 12 to 18 months.

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